Art 54: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Art 54
Largest movements
- Receivables within one year +€22,149
new in 2025: €22,149
- Cash +€9,553
up €9,553 (+2.9%), from €326,237 to €335,791
mainly Other debts (+€31,941) and Net result for the year (+€14,952)
- Tangible fixed assets +€4,709
up €4,709 (+199%), from €2,365 to €7,073
of which Furniture and vehicles: +€5,784
- Other debts +€31,941
up €31,941 (+26.1%), from €122,313 to €154,254
- Trade debts -€16,398
down €16,398 (-97.5%), from €16,818 to €420
- Reserves +€14,952
up €14,952 (+10.1%), from €148,768 to €163,720
- Tax, wage and social debts +€5,896
up €5,896 (+15.9%), from €37,019 to €42,915
- Gross operating margin -€111,336
down €111,336 (-81.1%), from €137,233 to €25,897
- Taxes -€30,514
down €30,514 (-83.1%), from €36,715 to €6,200
- Depreciation -€4,464
down €4,464 (-62.8%), from €7,110 to €2,647
- Staff costs -€1,623
down €1,623 (-62.0%), from €2,618 to €996
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €328,918 | €365,309 | +€36,391 | +11.1% |
| Fixed assets | 21/28 | €2,365 | €7,073 | +€4,709 | +199% |
| Tangible fixed assets | 22/27 | €2,365 | €7,073 | +€4,709 | +199% |
| Plant, machinery and equipment | 23 | €2,365 | €1,290 | -€1,075 | -45.5% |
| Furniture and vehicles | 24 | - | €5,784 | +€5,784 | |
| Current assets | 29/58 | €326,554 | €358,236 | +€31,682 | +9.7% |
| Amounts receivable within one year | 40/41 | - | €22,149 | +€22,149 | |
| Other amounts receivable | 41 | - | €22,149 | +€22,149 | |
| Cash at bank and in hand | 54/58 | €326,237 | €335,791 | +€9,553 | +2.9% |
| Deferred charges and accrued income | 490/1 | €316 | €296 | -€20 | -6.3% |
| Total equity and liabilities | 10/49 | €328,918 | €365,309 | +€36,391 | +11.1% |
| Equity | 10/15 | €152,768 | €167,720 | +€14,952 | +9.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €148,768 | €163,720 | +€14,952 | +10.1% |
| Distributable reserves | 133 | €148,768 | €163,720 | +€14,952 | +10.1% |
| Amounts payable | 17/49 | €176,150 | €197,589 | +€21,439 | +12.2% |
| Amounts payable within one year | 42/48 | €176,150 | €197,589 | +€21,439 | +12.2% |
| Trade debts | 44 | €16,818 | €420 | -€16,398 | -97.5% |
| Suppliers | 440/4 | €16,818 | €420 | -€16,398 | -97.5% |
| Taxes, remuneration and social security | 45 | €37,019 | €42,915 | +€5,896 | +15.9% |
| Taxes | 450/3 | €37,019 | €42,915 | +€5,896 | +15.9% |
| Other amounts payable | 47/48 | €122,313 | €154,254 | +€31,941 | +26.1% |
| Remuneration, social security and pensions | 62 | €2,618 | €996 | -€1,623 | -62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,110 | €2,647 | -€4,464 | -62.8% |
| Other operating charges | 640/8 | €692 | €1,170 | +€477 | +69.0% |
| Gross operating margin | 9900 | €137,233 | €25,897 | -€111,336 | -81.1% |
| Operating profit (loss) | 9901 | €126,812 | €21,084 | -€105,728 | -83.4% |
| Financial income | 75/76B | €6 | €238 | +€232 | +3,871% |
| Recurring financial income | 75 | €6 | €238 | +€232 | +3,871% |
| Financial charges | 65/66B | €352 | €170 | -€182 | -51.8% |
| Recurring financial charges | 65 | €352 | €170 | -€182 | -51.8% |
| Profit (loss) for the period before taxes | 9903 | €126,466 | €21,153 | -€105,313 | -83.3% |
| Income taxes | 67/77 | €36,715 | €6,200 | -€30,514 | -83.1% |
| Profit (loss) for the period | 9904 | €89,751 | €14,952 | -€74,799 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,751 | €14,952 | -€74,799 | -83.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.